The dream of every small business is to grow beyond your own shores, but it comes with many challenges.
Not only will you face language barriers and time differences, but your business model can take a different shape when it expands globally. For a business to sustain itself on a global scale, it needs team members that understand the brand. This bottom-up approach enables key developments to stay constant across cultures.
For those of you wondering how to take the next step and grow your business globally, follow the four tips below:
1. Develop firm foundations.
If you’re thinking of expansion, ask yourself if your company has a solid local foundation first. Do you have enough resources and a solid local crew to juggle an overseas venture while maintaining your current customer base?
These people are not your typical employees but human assets who have been hired for their ambition and vast entrepreneurial potential. These are your changemakers and social innovators who see what you see, and will be ready to push things forward to accomplish your company’s vision. With a solid team, you can then forge a strong vision to ensure you have the financial and structural stability locally and in due time set sights for expansion globally.
2. Expand your vision.
In recent years, companies have been looking to emerging markets like Asia. As some of the fastest growing economies, this has opened up many new markets for ventures seeking global expansion. Take Singapore, for example, which has been ranked world’s second…